Lifan plans $5.4M export center in Chongqing
Chongqing Lifan Automobile Co. will set up a $5.4 million center in the Tongxing industrial zone of Chongqing to export auto components overseas, IHS Automotive's Supplier Business report said, citing a company press release.
Lifan is expanding into overseas markets such as Brazil, where it has formed a joint venture with Brazilian auto dealer EFFA Motors. The venture will spend $130 million to build an assembly plant and R&D center there.
The company also has small assembly plants in Russia, Vietnam, Iran, Ethiopia, Azerbaijan and Uruguay.
In the first six months of 2011, Lifan sales rose 59 percent year-on-year to 95,666 units, according to the Chinese Association of Automobile Manufacturers.
